Spanish natural gas company Enagas reported €417.2 million net profit in 2016, which represents a 1.1 percent increase on 2015, the company announced on Tuesday.
Enagas proclaimed that the results are in line with the target set for the year and the increase was mainly due to the contribution from its investor companies.
According to company's press release, international projects made a 10 percent contribution to the company’s 2016 net profit. Additionally, the dividends paid by Enagas' investee companies came to a total of €90.5 million, exceeding the target set for the year.
At the year-end, Enagas net borrowings totaled €5.089 billion and financial resources stood at €2.409 billion. Over 80 percent of the debt was at a fixed rate and the average cost of the debt was 2.4 percent, versus 2.7 percent for the same date in 2015, the press release said.
Enagas engages in the natural gas transportation, storage, and regasification business in Spain and internationally. It was founded in 1972 and is based in Madrid, Spain.
- Spanish gas demand increased by 2.1 percent
The company shared detailed information on domestic gas demand in its press release and announced that Spain's demand for natural gas in 2016 grew by 2.1 percent on 2015, reaching 321,495 gigawatt-hours, GWh - an increase for the second year running.
According to the company, the growth in demand was essentially due to industry demand - the main consumer of gas natural, which rose by 3.3 percent, in line with the evolution of the economy, and to growth in household and commercial demand, which increased by 3.2 percent.
"In the year to date, demand for natural gas in Spain has grown by 20 percent on the same period in 2016, as a result of the cold snap, among others. Demand for gas on Jan.19 peaked at record levels not seen since February 2012, while total demand was met as normal thanks to the part played by the company’s underground storage facilities and regasification plants." it said in the press release.
Enagas also confirmed that demand for natural gas for power generation is growing by 32 percent in 2017 and highlights the essential role played by natural gas in guaranteeing power supply.
By Muhsin Baris Tiryakioglu